# Bonk Elliott Wave Correction Pattern

## Overview
Bonk cryptocurrency is currently experiencing downward pressure as part of an ongoing Elliott Wave correction pattern. The analysis indicates that Bonk remains in wave two of a larger correction sequence, with the market requiring a break above 1.19589 to return to an uptrend [bCZQYSg91_g @ 00:09, t21A8Dpj6PM @ 00:09]. Until this resistance level is breached, the market is characterized as uncertain and rangebound [bCZQYSg91_g @ 00:12, t21A8Dpj6PM @ 00:16].

## Wave Structure Analysis
The current Elliott Wave count suggests that Bonk has not yet bottomed in wave two, with the correction pattern displaying a clear ABC structure [bCZQYSg91_g @ 00:36, t21A8Dpj6PM @ 00:39]. Following an initial wave one advance, the asset completed an A wave decline and then attempted a B wave rally [bCZQYSg91_g @ 00:51, t21A8Dpj6PM @ 00:54]. Critically, this B wave rally failed at Fibonacci resistance levels, unable to even reach the October 10th high [bCZQYSg91_g @ 00:55, t21A8Dpj6PM @ 00:58].

## Current Position and Outlook
The analysis across both sources shows complete consensus that Bonk is now likely moving down in wave three of C, which explains the sustained downward pressure [bCZQYSg91_g @ 01:04, t21A8Dpj6PM @ 01:11]. The asset is currently testing the October 17th low, with expectations that further decline is needed to complete wave three [bCZQYSg91_g @ 01:27, t21A8Dpj6PM @ 01:31]. The projected completion sequence includes a subsequent wave four correction, followed by a final wave five decline before a bottom can form [bCZQYSg91_g @ 01:31, t21A8Dpj6PM @ 01:36].

In the very short term, Bonk would need to break above the Wednesday October 29th high of 15190 to alleviate immediate downward pressure [bCZQYSg91_g @ 01:42, t21A8Dpj6PM @ 01:46]. However, both analyses caution that the wave count thesis is not particularly strong due to unclear data from the October 10th low [bCZQYSg91_g @ 00:44, t21A8Dpj6PM @ 00:47].